CashKey Loan App Review: Short-term loan app in Nigeria

CashKey is a convenient and reliable loan platform for Nigeria mobile users that provides collateral free loan to Nigerians with minimal documentation.

If you’re an Android user, you can apply for the collateral free loan starting from N5,000 to a maximum loan amount of N100,000 with minimal documentation.

Do not borrow from an online loan app to fund your lifestyle. Short-term loans are helpful in emergencies but can be quite expensive and should be used with care.

CashKey loan app is relatively newly released and has so far gained over 5k downloads on Google play store with mixed reviews. It uses a loan software to collect prospective customers information including phone records, banking transaction alerts, BVN to build the credit score of each borrower.

To qualify for a loan or higher amounts, be sure to keep good bank transaction messages on your phone and do not have outstanding debts with other loan apps!

Application is simple, just download the app from Google play store, provide some information about yourself, the algorithm will analyze your information, calculate your credit score and make you a loan offer all Within a few hours.

Note that online loans like these are usually much more expensive with very high-interest rates because they are unsecured and require minimal documentation to get.

How to Download APK and get a loan from CashKey loan app

  • Download the Cashkey Loan App exclusively available on the Google Playstore and install on your Android phone.
  • Register an account with your phone number.
  • Preferably the phone number connected to your BVN as a one time password will be sent to it for verification.
  • Fill in your basic Kwow-your-customer KYC information, including your residential address, next of kin and employment details
  • You will also be required to provide your Biometric verification number BVN.
  • You’ll be charged N30 to bind your ATM card to your account to increase your chances and get a higher loan amount.
  • A one-time password OTP will be sent to your phone to confirm your details.
  • After the submission of your loan application, the software will analyze your credit score and the final result will be shown in the APP.
  • The result should be displayed in less than two minutes and if you qualify for a loan, the loan amount will be disbursed into the bank account directly.
  • Make sure you’re using a good phone with enough memory space as you will be required to take a clear live selfie for identity.

Your BVN is linked to your credit score, so if you have an outstanding loan with other lenders or didn’t pay other lenders as at when due, expect your application to be rejected.

Your credit score is a record of your previous borrowings, how early or late you make your payments, cash transactions going in and out of your bank account among other information.

When you download this app it gets access to your phone book contacts, SMS, and other details it uses to build your credit score.

Is CashKey Loan app legit or scam?

Yes, CashKey loan app is legit, tho the app is still relatively new on the play store it does give out loans to customers but caution should be taken before taking any online loan. Always read other customer’s reviews before you apply for a loan in Nigeria.

You should know that these loan apps are not registered or regulated by the CBN or any government agency in Nigeria. You are responsible for the security of your transactions with them and there is no way to seek redress for poor customer service.

Also its availability on Google play store does not make transactions performed on it secure. The play store merely provides an avenue for download, you are responsible for your own security while using loan apps in Nigeria.

What CashKey loan app can improve?

CashKey has a high loan rejection rate, you can submit your application and pay the N30 to bind your ATM card to your account and still get denied for no good reason. Keep a good credit score to increase your chances.

The app also takes too long to disburse loans, your loan might have been approved and your repayment date already counting and still not receive the money in your bank account. If such happens to you, be patient or contact support.

The app also doesn’t have the option to select the loan amount you want. Ones an amount has been approved for you, you can’t select a lower or higher amount based on your needs, you have to accept what ever amount the system approved for you.

Loan tenure is too short, borrowers usually get 7 days to repay their loans plus interest.

Because there is no regulations in Nigeria, most of these apps are loan sharks who might threaten to send messages to your family members calling you a scammer if you default on your repayment. It is best to avoid these apps if you have other options.

CashKey loan app interest rate?

Loan term: 91-180 days
Loan amount: NGN5,000-100,000
Interest rate: the minimum annual interest rate is 14.4% and the maximum (APR) is 21.5% (no additional fees)
Daily Interest Rate:0.04%-0.06%
Service fee: NGN 0

•For example, if the loan amount is NGN 10,000 with a term of 120 days and interest rate of 14.4%
The payment amount is calculated as follows:
Loan amount * Interest rate divided by number of days * Loan term + Loan amount (10,000 * 14.4% / 365 * 120 + 10,000) = NGN10,473
For example, if the loan amount is NGN 10,000 with a term of 91 days and interest rate of 21.5%
The payment amount is calculated as follows:
Loan amount * Interest rate divided by number of days * Loan term + Loan amount (10,000 * 21.5% / 365 * 91 + 10,000) =NGN10,536

This interest rate and tenure is just as an example, expect your loan amount and period to be significantly lower if you’re borrowing for the first time. You can increase your amount by keeping good records and paying back loan on time.

What are the requirements?

  • Be a legal citizen or legal Resident of Nigeria
  • Be at least 18 years old.
  • Have a Monthly income source.
  • Bind your ATM card to your account
  • Provide details of two of your next of kins including their phone numbers.
  • Have a good credit score with no outstanding loans from other lenders.
  • Have an active bank account.
  • Your phone number must be the one connected to your BVN.
  • Have a valid government issued ID card.

What will happen if I don’t repay my loan or pay my loan late?

Late loan repayments automatically incur a fee of 2% per day. It is therefore advised that one does not exceed the due date. Repay the loan by its due date allows you to access larger loan sizes. Late repayments will affect your ability to get subsequent or larger loans. If you are very late on your payments, you will be reported to the First Central Credit Bureau. Blacklisting by the First Central Credit Bureau may affect your ability to borrow from other lenders.

CashKey loan app customer service number

  • Customer Service Hotline: 07088953673
  • Customer Service Email: [email protected]
  • Address: 47 ajanaku street,ikeja,Lagos,Nigeria.


A writer! Columnist and an academic researcher


  1. This people are fucking scam they just keep putting people in big debt lieing that you will open 2 acc they are a lier

    1. If you know that you are a liar come and collect your money I’m not interested I will not pay for any charges oo

  2. Never Ever get a loan from these scum bags.. They are nothing but a bunch of heartless criminals controlled by a dirty pig who is an Asian.

  3. They are bunch of liars I paid my loan got debited and the claim they hvnt seen it and kept calling dont listen to them never take a loan from them thats why playstore didn’t allow them on their app cos they are scam big scam

    1. Cash key is scam!
      Their staff are not well trained!
      A lady called Mercy is stack illiterate.
      I paid back, #10710. They claimed they didn’t see, I paid another one, showing her the payment code. Instead of refunding me, the mad girl is shouting of overdue.
      Don’t patronize them please because of their illiterate agents

  4. Hello, please I made a payment of 10000 it didn’t reflect I have to make another payment of 15k because your agent was disturbing me with calls, please reverse the 10k
    This is my email: [email protected]

  5. Cash key company is a scam! They use to change their account wallet deliberately. I paid double but refused to repay me. I paid from FCMB to their wallet twice as their untrained agents were disturbing me. 1st wallet – 8583768035, which later delivered with code: 09FG220930163222730ESF7PN.
    2nd wallet 8586773085. (#10,710). Their Soliciting agent Barrister John was causing me which is unprofessional!
    I need my money!
    Femi Sowunmi
    2486131024 FCMB

    1. I made a repayment twice because they claim they did not see the first on cashkey reverse my first 15k

  6. You people are scam, it wil never be well with all the people working for cashkey, their life wil be miserable,they will never do better in their life ,their children wil die one by one at young age

    Imagine I took a loan and am supposed to pay back 10,710
    And I sent 10,000 first because that is the amount I have the day my loan due , because they are already sending me threat messages
    Not for the stupid useless agent to tell me that they DNT take part payment,that I HV to pay another one in full or else they will start sending my picture to all my contacts

    I was even trying to explain to her
    She started sending messages to my contact
    Because I DNT like embarrassment I sent the full payment again after which I borrowed the money from a friend
    She promised they will reverse bck the 10k

    I went to their office after three days ,the address they posted on Google and when I got there they said they are not there that they have pack

    So I took another loan jus to take bck my money

    Now the loan is due and they wnt me to pay bck
    I even explain to the person nicely
    And they started sharing my picture already

    Once again
    You people wil not knw peace in ur life

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